Classification of Financial Elements

Question 1

Sales

Answer 1

Revenue or Income

Question 2

Fees

Answer 2

Revenue or Income

Question 3

Commission Received

Answer 3

Other Income

Question 4

Gain on sale of Asset

Answer 4

Other Income

Question 5

Interest Received

Answer 5

Other Income

Question 6

Dividends Received

Answer 6

Other Income

Question 7

Discount Received

Answer 7

Other Income

Question 8

Rent Received

Answer 8

Other Income

Question 9

Advertising

Answer 9

Distribution Costs

Question 10

Cartage Outwards

Answer 10

Distribution Costs

Question 11

Commission

Answer 11

Distribution Costs

Question 12

Delivery Expenses

Answer 12

Distribution Costs

Question 13

Depreciation on Shop Fittings

Answer 13

Distribution Costs

Question 14

Depreciation on Delivery Vehicles

Answer 14

Distribution Costs

Question 15

Freight Outwards

Answer 15

Distribution Costs

Question 16

Repairs to Delivery Vehicles

Answer 16

Distribution Costs

Question 17

Repairs and Maintanance

Answer 17

Distribution Costs

Question 18

Sales, Wages and Salaries

Answer 18

Distribution Costs

Question 19

Travelling Expenses

Answer 19

Distribution Costs

Question 20

Loss on sale of Distribution Asset

Answer 20

Distribution Costs

Question 21

Accounting Fees

Answer 21

Administrative expenses

Question 22

Audit Fees

Answer 22

Administrative expenses

Question 23

Depreciation (other than shop fitting or delivery Vehicles)

Answer 23

Administrative expenses

Question 24

Electricity

Answer 24

Administrative expenses

Question 25

General Expenses

Answer 25

Administrative expenses

Question 26

Insurance

Answer 26

Administrative expenses

Question 27

Office Expenses

Answer 27

Administrative expenses

Question 28

Postage

Answer 28

Administrative expenses

Question 29

Printing

Answer 29

Administrative expenses

Question 30

Rates

Answer 30

Administrative expenses

Question 31

Rent

Answer 31

Administrative expenses

Question 32

Repairs and maintenance (other than to shop fittings or delivery vehicles

Answer 32

Administrative expenses

Question 33

Salaries

Answer 33

Administrative expenses

Question 34

Stationary

Answer 34

Administrative expenses

Question 35

Telephone and Tolls

Answer 35

Administrative expenses

Question 36

Vehicle Expenses (other Delivery Vehicles)

Answer 36

Administrative expenses`

Question 37

Wages

Answer 37

Administrative expenses

Question 38

Donations

Answer 38

Administrative expenses

Question 39

Loss on sale of Asset

Answer 39

Administrative expenses

Question 40

Bank

Answer 40

Current Assets

Question 41

Petty Cash

Answer 41

Current Assets

Question 42

Accounts Receivable

Answer 42

Current Assets

Question 43

Prepayments

Answer 43

Current Assets

Question 44

Accrued Revenue

Answer 44

Current Assets

Question 45

Closing Inventories

Answer 45

Current Assets

Question 46

Equipment

Answer 46

Plant, Property and Equipment

Question 47

Buildings

Answer 47

Plant, Property and Equipment

Question 48

Property

Answer 48

Plant, Property and Equipment

Question 49

Vehicles

Answer 49

Plant, Property and Equipment

Question 50

Plant

Answer 50

Plant, Property and Equipment

Question 51

Shares

Answer 51

Investments

Question 52

Long term monies held in investment accounts

Answer 52

Investments

Question 53

Debentures

Answer 53

Investments

Question 54

Goodwill

Answer 54

Intangible Asset

Question 55

Patents

Answer 55

Intangible Asset

Question 56

Royalties

Answer 56

Intangible Asset

Question 57

Research and development costs

Answer 57

Intangible Asset